- Free FreeAgent accounting software
- Up to 24 months free
- Branch access inc. NatWest
- Commercial lending
About RBS
Royal Bank of Scotland is a long running full UK bank and part of the NatWest Group. Its range for businesses includes overdrafts, fixed and variable rate loans, commercial mortgages, real estate finance, business credit cards, asset finance through Lombard, invoice finance and card acceptance.
Know Your Business compares one RBS product, the Start-Up Business Bank Account. RBS also runs a Business Bank Account for established businesses and a Community Bank Account for charities and clubs. It also offers a Business Currency Current Account, plus a Client Deposit Manager for professional firms holding client money.
Mettle, the group’s free digital account, is offered alongside but sits with NatWest’s banking licence. The licence point matters more here than at most banks. The Royal Bank of Scotland Plc holds its own banking licence, shared with Child & Co, Holts and Drummonds. NatWest sits on a separate licence with Ulster Bank, First Active, Mettle, NatWest Premier and NatWest Boxed. A business holding money with both RBS and NatWest therefore has two separate FSCS compensation limits rather than one shared one.
RBS at a glance
| Provider type | RBS is authorised and regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) under reference number 114724. NatWest and Mettle are run via a separate banking licence. |
|---|---|
| Could be great for | Startups in their first year and businesses switching their main account, because both routes carry two years of free everyday banking (eligibility criteria dependent so check this before committing). It suits businesses in Scotland that want counter access, businesses that handle cash and anyone who would use FreeAgent rather than pay for accounting software. Any UK based business can apply, though branch access is concentrated in Scotland. |
| Currencies | A Business Currency Current Account is available to enable transactions in a range of currencies. Euro payments run on SEPA and everything else travels by SWIFT with correspondent bank fees. |
| Account opening (from a fully complete application) | You apply online. As a fully regulated bank, RBS does not offer same day or fast opening for brand new customers. Under the CMA Business Banking Service Quality Measures (published in February and August by Ipsos/BVA BDRC) RBS opens accounts on average in 22 days (Aug 26). Applicants must be 18 or over, an owner or director, with at least one applicant a UK resident, and the business registered for UK income or corporation tax. |
| Deposit protection | As a bank, RBS is covered by the Financial Services Compensation Scheme (FSCS), see our guide for more information. Despite being part of the NatWest group, RBS runs on a separate licence to Natwest which means if you have accounts with both banks, the deposit limit covered by the protection is not shared between the two. |
| Free account available? (free from monthly subscription fees) | RBS doesn’t charge a monthly subscription. Separate to that, the Start-Up Business Bank Account gives two years of free everyday banking to businesses trading under a year. The Business Bank Account gives the same two years, but only on a completed switch through the Current Account Switch Service and is dependent on eligibility criteria. After that you move to the Standard Tariff, which prices each transaction. Free banking excludes unarranged overdrafts, Bankline, international payments and additional services throughout. The Community Bank Account is free below a stated turnover. |
| Sample costs (costs shown are part of a wider charging structure. Always check up to date information before proceeding) | Business Account Standard Tariff 20th August 2026 After 2 years free banking (eligibility dependent). (partial extract for guidance purposes) No monthly account fee Automated payments in and out, £0.35 per item. Cash paid in or out. £0.95 per £100. Manual payments £0.95 per item Cheques: Paid in via mobile £0.75 Paid in via branch £0.95 each. Cash: Post Office services are charged at the same rates as RBS branches. Business Quick Deposit is available at over 280 branches. |
Suitability
Is an RBS business account any good?
RBS operates as a full bank, meaning you potentially have access to a wide range of in house services and products and deposits are protected by the FSCS scheme.
What RBS does well
RBS offers 4 different types of accounts, to cater different types of businesses: Their Start Up, Business and Community business bank accounts, plus Mettle, the account for sole traders or limited companies with up to two owners and is operated under the NatWest brand.
Two years of free everyday banking comes through two routes. Startups trading under a year and established businesses get it by completing a full business account switch.
FreeAgent is included free and is Making Tax Digital compatible. Features include payroll, cash flow projections, accountant access and it was awarded the Friendlist Software of the Year by the Institute of Certified Bookkeepers Luca Awards 2025
Access to HR, Health & Safety support via third party provider Mentor
The FSCS deposit protection is not shared by RBS and NatWest, even though they are part of the same group as they operate under separate banking licences.
Who RBS could suit
RBS tends to suit small businesses in Scotland that want counter access and startups in their first year anywhere in the UK. It works for sole traders and landlords who would otherwise pay for accounting software.
It also suits businesses that already bank with NatWest and want to spread larger balances across two separate licences. Charities, clubs and religious organisations have a dedicated Community Bank Account, and professional firms holding client money have the Client Deposit Manager.
Mettle does not offer access to borrowing.
What RBS doesn’t do
If you need to operate regular foreign transactions, whilst definitely possible, check the costs stack up competitively and that it can support the type of payment you need to the specific countries you transact with.
Businesses trading frequently overseas could compare more options for international business bank accounts and multi-currency business bank accounts.
Compare business accounts from RBS
You can weigh up RBS against other banks and Electronic Money Institutions on our best business bank accounts comparison. If you work for yourself, our self employed business bank accounts and freelancer business bank accounts pages narrow the field down.
1 Products Compared
Royal Bank of Scotland Start-Up Business Bank Account
- Monthly Fee:Free
- Bank Transfers:Free for 2 years*
- Overdraft:Yes**
- Account Access:App, Online & Branch
- No ongoing monthly account fee
- 2 Years Free Banking on Everyday Transactions*
- Get FreeAgent for free*** with RBS – an HMRC-recognised accounting tool that helps you stay compliant with Making Tax Digital for Income Tax
- *Free banking on everyday transactions during the offer period, excluding charges for unarranged overdrafts, Bankline, international payments and extra services. After the free banking period ends, you’ll move to the Standard Tariff
- **Overdraft applications are subject to status, business use only. Security may be required. Product fees may apply. Over 18s only.
- No ongoing monthly account fee
- 2 Years Free Banking on Everyday Transactions*
- Get FreeAgent for free*** with RBS – an HMRC-recognised accounting tool that helps you stay compliant with Making Tax Digital for Income Tax
- *Free banking on everyday transactions during the offer period, excluding charges for unarranged overdrafts, Bankline, international payments and extra services. After the free banking period ends, you’ll move to the Standard Tariff
- **Overdraft applications are subject to status, business use only. Security may be required. Product fees may apply. Over 18s only.
- 24/7 Online, Telephone and mobile app banking
- To apply, you must be 18 years of age or older
- You must be a director or business owner
- At least one person on the application must be a UK resident
- Your business must be registered for UK income tax or corporation tax
- You must have no history of bankruptcy or County Court Judgements (CCJs)
- For businesses trading for less than 1 year & turnover of less than £1m
 | The Financial Services Compensation Scheme (FSCS) protects up to £120,000 of eligible deposits per person or company, per firm, which is authorised and regulated by the Financial Conduct Authority (FCA). The limit is the total of all deposits held with one firm. For more information visit www.fscs.org.uk. |
Branch AccessCash DepositsNo Hard Credit CheckFast OpeningGlobal Currency AccountsAccounting | BRANCH ACCESS Account provider maintains a nationwide branch access for face to face customer banking and/or relationship management. CASH DEPOSITS Facilities to deposit cash in either a branch, Post Office, Paypoint or other locations into the account. Limits and charges may apply. NO HARD CREDIT CHECK A soft credit check for ID & Fraud purposes is carried out for account only applications. If you apply for a credit product such as an overdraft with the business account, a hard credit check will be initiated. FAST OPENING Accounts opening in 3 days or less in most circumstances. Excludes application timescales or applications simultaneously applying for credit facilities such as overdraft. GLOBAL CURRENCY ACCOUNTS Currency accounts with local (domestic) bank details for the EU (SEPA) and at least one international country e.g. USA (ACH) to transact as a local business. This feature can also be termed ‘local rails’. This differentiates them from providers offering local account details for the EU (SEPA) only and currency accounts or ‘pots’ that transact only via SWIFT. ACCOUNTING The provider offers accounting features either through their own platform or via integration with third-party software like Xero, QuickBooks or Sage. Please note that third-party integrations usually require a separate subscription fee. |
 | Exclusive to KnowYourBusiness. Valid only via applications linked from this website. Offer fulfilled by the account provider. |
| Important | Our comparison is ordered by the commercial arrangements with some, or all, of the providers featured. Our service is free and commercial arrangements have no effect on the products you may select. To find out more about our independence, regulatory authorisation and how we earn money, visit the ‘About’ page on our website. |
Regulation and account protection
The regulation and fund protection a business account receives depends on whether the provider operates as an Electronic Money Institution (EMI) or a Bank. Both are regulated by the Financial Conduct Authority (FCA), here is an overview of the key differences.
Electronic Money Institution (EMI)
Focused on transaction and payment management. The limited product range and online only service can translate to lower running costs, faster applications and niche, specialist features.
Protection
Safeguarding: Your money is ring-fenced in segregated accounts with tier-1 banks or backed by insurance.
Lending
No (cannot directly offer lending products, but some do via 3rd parties)
Good to know
- Some EMI’s offer products outside of their regulated status, via partnerships
- Most EMI’s only require soft searches for fraud and identity validation purposes
- Cannot legally call themselves a ‘bank’
- Cash deposits will be handled through partnerships, such as the Post Office or you will only be able to transfer funds in, from another account.
Bank
A provider regulated as a full bank will be able to offer a wide range of additional products and services. Including lending and cash deposits. Applications go through broader checks.
Protection
Financial Services Compensation Scheme (FSCS): Eligible deposits up to £120,000 per business, per banking licence
Lending
Yes (eg. loans, overdrafts, credit cards)
Good to know
- Some newer banks do not have branches but can offer faster application processes than ‘traditional’ banks.
- A business account can be a gateway to products required for business growth
Important info: Our brand overviews are our independent guides, not financial advice or recommendations. Product details are changed frequently by the provider, so always check directly before applying. Conduct your own research to ensure a product suits your specific business. We may earn commission if you open an account via our links. Compare this provider against others using our business accounts comparison.
Frequently asked questions
How long does it take to open an RBS business account?
If you already bank with RBS, a new account could be open within one working day. If you’re a new customer, on average it’s 22 days, according to their FCA service measures published on 16th August 2026.
Do RBS and NatWest share FSCS protection?
No, The Royal Bank of Scotland plc and NatWest sit on separate banking licences. Therefore, a business holding money at RBS and at NatWest has separate FSCS deposit protection scheme limits of £120000 at each.
Can a business outside Scotland open an RBS account?
Yes, RBS publishes no geographic restriction to just Scotland and is available to businesses across the UK. If you want counter access outside Scotland you would use banking hubs, NatWest branches and the Post Office.
How much does an RBS business account cost?
There is no monthly account fee and no minimum monthly charge on the Standard Tariff. You pay per item instead, with different rates for automated payments, cash, manual items and cheques, all set out in the table above. Startups and switchers get two years before transaction charges apply.
Does RBS give you free accounting software?
Yes, FreeAgent is free for all RBS business current account customers for as long as you keep the account. It is Making Tax Digital compatible and functionality covers payroll with real time HMRC submissions, cash flow projections and accountant access. There are chargeable features within FreeAgent that you can sign up to in addition to any features that are free.
